My in-laws have an IVA and they have just completed their first year. During the 2nd year my father-in-law reaches pension age and will receive his state pension - does this have to be included in the next yearly IVA review and will he lose most of it in payments?
I am afraid that your father-in-law's pension will need to be included as his income, but does he also intend on carrying on in work? Surely this would have been discussed with him when his IVA was proposed? And tell him not to forget that if he does carry on working he will not be required to pay any national insurance so that will also go towards increasing his IVA payments as well.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
